Athi River Mining posts 17% first-quarter pretax profit

Kenya's Athi River Mining posted a 17 per cent rise in first-quarter net profit, helped by higher production and growing demand.

Net income increased to KES258.2m (US$3.1m) in the three months through March, from KES220.2m a year earlier, the Nairobi-based company said in a statement. Revenue rose 61 per cent to KES2.74bn for the three months ended March. Its earnings per share rose to KES10.40 from KES8.90 in the same period of 2011.

The company’s directors have proposed changing its name to ARM Cement Ltd. and agreed a one-for-five share split, according to an email received from the Nairobi Securities Exchange today. The proposals are subject to shareholders’ approval, which will be sought at the company’s annual general meeting on July 24, Athi River said.